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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The central bank's prudential policy to face the global economic crisis

    Rocky
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    policy - The central bank's prudential policy to face the global economic crisis Empty The central bank's prudential policy to face the global economic crisis

    Post by Rocky Mon 08 Aug 2022, 7:37 am

    The central bank's prudential policy to face the global economic crisis

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    Economy News-Baghdad
    The global economic system has been witnessing complex economic, financial and security crises for several months, the cumulative causes of which were concentrated in the rise in energy and food prices due to the Russian-Ukrainian war and the American and European sanctions on Russia, which led to confusion in the map of global trade in food and energy. What we are following now is the rise in stagflation in most countries of the world, most notably in America and the European Union.
    Although Iraq may be benefiting from the rise in oil prices as it is the main resource for the country, and the map of its imports of grain and foodstuffs currently is from outside the area of ​​the military conflict and economic crisis, but our economy must suffer in the short term from the lack of control over food supplies and oil prices may drop and spread Economic stagnation in the light of changing conditions and these effects will inevitably lead to a rise in the rate of inflation and a rise in the general level of prices.
    Since economic stability is achieved by stability in the financial system and the monetary system, so the hedging measures by the Central Bank, for what is expected of developments in the coming crises, were to rely mainly on building foreign reserves at a level that covers the local currency in circulation, imports, repayments of foreign debt and other international obligations.
    As well as working on diversifying the reserves to include a basket of currencies, gold, bonds and securities, and making the most of the rise in oil prices to increase the reserves to the maximum extent possible until the end of 2022.
     And this is actually what the Central Bank has done during this period, as its foreign cash reserves amounted to more than 74 billion dollars and 130 tons of gold. The reserve is expected at the end of 2022 to reach $90 billion.
    This confirms that the Central Bank is proceeding at a steady pace to achieve the objectives of monetary policy in reducing inflation and controlling the general level of prices as well as controlling the money supply and maintaining the dinar exchange rate within the target price for the public and following up and analyzing the interest rate set by the Central Bank on an ongoing basis.
    This requires the financial policy and the main economic sectors and the ministries responsible for them must work jointly and in clear and specific coordination with the Central Bank administration to achieve economic stability and overcome the global economic crisis and limit its repercussions.

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    Added 08/07/2022 - 1:27 PM
    Update 08/08/2022 - 2:29 PM
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